High society summer events spur hefty property premiums
High society summer events put hefty premiums of local house prices
Market analysis from eXp UK, the platform for personal estate agents, reveals that homes located close to the sites of some of England’s most popular summer social season events command a price premium of up to 97%.
The English summer is a busy time in the calendar of the country’s high society, from the BBC Proms, to Henley Regatta, the Chelsea Flower Show, Royal Ascot and Wimbledon. eXp UK analysed the cost of purchasing a home in postcodes home to 10 of the most prestigious social summer events and how this cost compares to the wider area they are located within.
The analysis shows that homes surrounding the venues of these high society occasions command an impressive average house price of £932,182, equating to a house price premium of 38% or £258,298.
The biggest premium of all is commanded by homes located near to the focal point of the BBC Proms, the Royal Albert Hall, which this year will be hosting concerts between 14th July – 9th Sep.
The average house price in The Hall’s SW7 outcode area is £1.76m. This is 97% higher than the average for the wider Westminster local authority district, which currently sits at £891,532.
The Royal Academy of Art’s prestigious Summer Exhibition (13th June – 20th August 2023) attracts visitors from around the world.
The Royal Academy is found in the W1 outcode area where the average house costs £1.68m; 88% higher than the wider Westminster LA average.
The Henley Royal Regatta is a boat race that has been running since 1839 in Henley-on-Thames. Homes in the immediate outcode area of RG9 cost an average of £727,703, 39% higher than the wider South Oxfordshire LA average price of £523,933.
Other summer social events that command a positive price premium are the RHS Chelsea Flower Show (36.8%), Royal Ascot (25.5%), Salon Prive (18.5%), Wimbledon (14.8%), Glyndebourne Festival (9.9%), and The Boat Race (3%).
Head of eXp UK, Adam Day, commented:
“While these English summer events may be traditionally associated with high society, they are famous around the world and bring thousands of visitors and tourists to our little island each year which is essential for our economy, not least during tricky times like these.
Of course, they remain very much the preserve of the wealthy, particularly when it comes to the areas that play host, with property values surrounding these events commanding eye-watering premiums that are far out of reach of the average homebuyer.“
